Montenegro moves closer to EU Membership
Montenegro’s burgeoning real estate market took a big boost this week with the news that their application for membership to the European Union was moving to the next level. The EU now looks likely to grant Montenegro candidate status later this month which is the first step before opening entry talks.
The recommendation will be brought in along with the annual progress reports of all Western Balkan countries, Turkey and Iceland. Achieving candidate status is generally the last step before talks move on to accession negotiations - usually a long process with the intent of aligning Montenegro with all EU rules and standards. Montenegro now needs to work hard to prove that their economic reforms are well advanced and inspiring their own market economies. However, to reach this point, Montenegro does need to demonstrate that they are dealing with corruption while also trying to speed up their own democratic reform.
This news does mean that EU membership moves that little bit closer for Montenegro which is vital to support the growing real estate economy and attract more foreign investment. What this does mean is that prices for real estate in the long run will increase, perhaps even dramatically once membership is achieved.
Last year, the World Travel and Tourism Council indicated that they believed Montenegro would become the fastest growing travel and tourism economy in the world. Since then, there has been an incredible rise in property investment transactions, in large part down to British, Irish and Russian investors. With a number of projects already up and running available at extremely low starting prices, infrastructure improving by the day and EU membership on the horizon there is no doubt that Montenegro has exceptional long term potential for capital growth and rental demand.
To find out more about the opportunities we are offering in Montenegro, please do not hesitate to contact us.